Whole of Life insurance policies are policies that are guaranteed to pay out to your loved ones only after you pass away as a means of ensuring they are both financially secure and also able to manage any commitments you leave behind.
As with term assurance policies, you can choose different plans depending on how you would like to pay your premiums. You can make payments up until the day you die, for a set period of time, or as a one-off sum. Your money can also be used as investments, which could create a higher return in the future.
As a whole of life policy involves a guaranteed financial payout, they can be somewhat more expensive than term insurance policies, so you need to carefully consider which option best suits your needs.
All policies are different and so it is vital that you check the small print of a particular policy before committing to it.
The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.
For more information, please contact our advisors today.
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